UPI transactions value in June stays above Rs 20 lakh crore for the second month running

UPI volumes rise further in June

The value of UPI transactions remained above Rs 20 lakh crore for the second consecutive month, as average daily transactions rose further in the month, according to data released by National Payments Corporation of India on July 1.

The average daily transaction volume was higher at 463 million compared with 453 million in the previous month, while the value of transactions soared to Rs 66,903 crore compared with RS 65,966 crore in May.

The volume of transactions on the digital payments service was 13.89 million in June compared with 14.04 million in the previous month.

Over the year, digital transactions continued to exhibit phenomenal growth of 49 percent in volumes and 36 percent in value.

A rise was also witnessed in the Aadhaar-enabled Payment System transactions, as their volume touched 100 million again after March 2024.

Daily volumes of AePS were higher at 3.33 million compared with 2.91 million in the previous month, with the average transaction size rising to Rs 837 crore daily.

There was a slight dip, however, in FASTag volumes as the average daily transactions declined to 11.15 million compared with 11.21 million in the previous month.

The value was higher at Rs 193 crore daily in June compared with Rs 191 crore in the previous month.

IMPS, another service for instant fund transfer, also witnessed a decline in daily volumes to 17.23 million in June from 17.99 million in the previous month.

UPI transaction volumes have averaged an over 50 percent annual growth since the start of 2024. The transaction value jumped 40 percent during the first six months of the year.

Rising consumer spending is expected to provide further fillip to UPI transactions.